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bring detroit back because people invested detroit. john: you wrote the book to try to explain this to people. it's titled belle isle, the detroit game changer. the new york times, i'm not surprised to must near you. the writer said that the book has the hero landing on the rooftop helipad of the 57 story hotel. it makes the entire scheme very easy to mock as objective is to fan fiction. objective is referring to eyeing rand. you are a fan of hers. >> i am. john: you talk of having a billion dollars, trying to buy this from the city. within this city would gym but that. politicians often surprise me. detroit city council members don't want to give up much of anything when michigan's governor offered to have the state takeover belle island park since detroit can't even afford to maintain it, local politicians screamed. >> you may not take over bell island. it belongs to the people. john: it belongs to the people, not to you. >> this would create a lot of jobs and opportunity. right now there's no hope for the future. this would create t
bring detroit back because people invested detroit. john: you wrote the book to try to explain this to people. it's titled belle isle, the detroit game changer. the new york times, i'm not surprised to must near you. the writer said that the book has the hero landing on the rooftop helipad of the 57 story hotel. it makes the entire scheme very easy to mock as objective is to fan fiction. objective is referring to eyeing rand. you are a fan of hers. >> i am. john: you talk of having a...
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detroit? >> it will turn around the city of detroit. >> the motor city. this is will we do. john: what's up with detroit? can this happen to your town? that's our show tonight. ♪ >> and now john stossel. ♪ john: detroit was once the richest city in america. i was three years old and. that was the 1950's. now it's the biggest u.s. city ever to declare bankruptcy. so what happened? our guests tonight have some clues. first, fox news reporter works in detroit and just wrote, detroit, an american autopsy. an autopsy, one examines the dead body and tries to find out what killed him. detroit isn't that exactly. what killed the trust? >> would kill the charge, racial conflict of detroit. slav kill detroit. corruption children. it seems like that is what has become the american way because detroit is not alone. what is baltimore going to do, atlanta, l.a. john: detroit is and worse shape. worse politicians, more unions. the automaker collapsed. it was in the politicians' fault. it was just the big
detroit? >> it will turn around the city of detroit. >> the motor city. this is will we do. john: what's up with detroit? can this happen to your town? that's our show tonight. ♪ >> and now john stossel. ♪ john: detroit was once the richest city in america. i was three years old and. that was the 1950's. now it's the biggest u.s. city ever to declare bankruptcy. so what happened? our guests tonight have some clues. first, fox news reporter works in detroit and just wrote,...
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detroit has had cades of warnings. they were spending too much, regulating too much,riving people out of the city, governing poorly. they didn't care, they thought they would be bailed out, they thought other people would pay for their mistakes and the answer is no. enough cities and many states have begun to turn themselves around on unfunded pension liabilities and civil service costs. those states, utah and wisconsin and new jersey and louisiana, those states are not going to loot their taxpayers to pay for cities and states that didn't do anything to take care of themlves. not happening. >> and let's turn now to immigration. word out today, breitbart.com reporting they have corroborating sources saying congressman bob goodlatte is ready to rescue the once dead on arrival gang of eight immigration bill. your reaction? >> well, that's a silly way to put it. what goodlatte doing is what republicans in the house have always said they'reoing to do. they're always vaguely interested in what the senate does. they're never
detroit has had cades of warnings. they were spending too much, regulating too much,riving people out of the city, governing poorly. they didn't care, they thought they would be bailed out, they thought other people would pay for their mistakes and the answer is no. enough cities and many states have begun to turn themselves around on unfunded pension liabilities and civil service costs. those states, utah and wisconsin and new jersey and louisiana, those states are not going to loot their...
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ink detroit. >> thinking detroit, we're going to take up that issue later here in the broadcast with a congressman who wants the federal government to step in, do you think that that is going >> the house of representatives and the senate are not going to allow the president to throw american taxpayer money at detroit or other failed cities. detroit has had decades of warnings. they were spending too much, regulating too much, driving people out othe city, governing poorly. they didn't care, they thought they would be bailed out, they thought other people would pay for their mistakes and the answer is no. enough cies and many states have begun to turn themselves around on unfunded pension liabilities and civil service costs. those stat, utah and wisconsin and new jersey and louisiana, those states are not goin to loot their taxpayers to pay for cities and sates that didn't do anythingo take care of themselves. not ppening. >> and let's turn nowto immigration. word out today, breitbart.com reporting they have corroborating sources saying congressman bob goodlatte is ready to rescue t
ink detroit. >> thinking detroit, we're going to take up that issue later here in the broadcast with a congressman who wants the federal government to step in, do you think that that is going >> the house of representatives and the senate are not going to allow the president to throw american taxpayer money at detroit or other failed cities. detroit has had decades of warnings. they were spending too much, regulating too much, driving people out othe city, governing poorly. they...
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chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry city, not like detroit with a single industry that drives the town, but here's how they are the same. pensions, it comes down to pensions. municipal pensions. chicago has four pension funds, short about $20 billion. they got a budget deficit of about three-quarters of a million dollars. moody's downgrade the the city, and it's not going to get better as time goes on. in 2015, a new state law requires even more to be put into the pension funds, and that could cause property tax increase of maybe a hundred to 150%. a
chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry...
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detroit, america is in big trouble. that's our show. see you next week.dends to watch, and have a great night. lori: a very good evening thank you so much peer being with us, i am lori rothman in for lou dobbs. >> obama administration making its case for taking military action against syria, briefing lawmakers about their conclusion that syria government carried out a large scale chemical weapons attack, tonight we speak with fox news military analyst, general jack king on whether the president is justified in takes action. even without the backing of allies or the united nations. >> and questionsemain about our involvement in libya. and the terrorist attack in benghazi, we'll talk with larry ward, a group of special operation veterans who are calling on house speaker john boehner to create a appreciate committee to -- special committee t investigate the attack. >> and administration refusing to enforce a law it does not like, now giving states green light to adopt regulation legalizing small amounts of marijuana, dobbs lawakes up the c
detroit, america is in big trouble. that's our show. see you next week.dends to watch, and have a great night. lori: a very good evening thank you so much peer being with us, i am lori rothman in for lou dobbs. >> obama administration making its case for taking military action against syria, briefing lawmakers about their conclusion that syria government carried out a large scale chemical weapons attack, tonight we speak with fox news military analyst, general jack king on whether the...
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. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves rich. john: is there hope for places like detroit? >> it will turn around the city of detit. >> the motor city. this is will w
. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves...
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is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise property taxes 50% to 100%. lori: who is going to vote for that? >> the illinois constitution says you have to pay the pensions so here you have the immovable object and irresistible force. >> any other sources? >> no matter where the money comes from is coming from taxpayers, not the state of illinois. they are a fiscal mess. they don't have enough money to put in their pension system. they have been borrowing billions every year and i can't think of another state with a fiscal problem that the level they do so is not from illinois. lori: is in a domino situation? we watched detroit and now chicago, woul
is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise...
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going back in detroit. morgan hit the il on the head. you have a city whose population reduced two-thirds since the 1950s anand they have a land ma you could fit manhattan and botton and san francisco into and they are raising taxes. when you have fewer people, you are trying to find some way to pay the bills. obviously it didn't work. you can't take that to a national sphere. >>ther cities had a population encrose and they increase the tax it doesn't mean that the city gets better, does it? >> no, i wan to cut taxes any chance we can get. mile per hour has highway tax rate and also the home of greatest global brands. what killed detroit was the fact that the tea and its people and companies were stuck in the 20th centy. poor cities and states continue to cling to manufacturing jobs. rich cities and states design goods and manufacture them overseas. if detroit wants to get in the 21st century it will rise again. cutting taxes will help. >> rich, there is a lot of factors that go in a demise of the tea like detroit but taxes didn't hehelp
going back in detroit. morgan hit the il on the head. you have a city whose population reduced two-thirds since the 1950s anand they have a land ma you could fit manhattan and botton and san francisco into and they are raising taxes. when you have fewer people, you are trying to find some way to pay the bills. obviously it didn't work. you can't take that to a national sphere. >>ther cities had a population encrose and they increase the tax it doesn't mean that the city gets better, does...
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detroit is debated. we will have that next. neil: maybe detroit resident should all start speaking another language. because colombia is getting all kinds of federal aid. but maybe colombia seems to pay off their investment. at this point the motor city neville well. we have two guests with us and rich and lives nde. >> what is really horrible is how it had a higher murder rate than colombia. detroit is spending less money than colombia. colombia is a national security issue. even with the money that they are getting from the government, it still goes into the tank. i understand the comparison for colombia, that we spend a lot of money in foreign aid. neil: i could go back further. but be that as it may, i get more bang for the buck, it would seem. >> i hate that money that was spent. although i don't think everyone should get the money. so we know what detroit's problem is. it is the unions. all back to the unions. having people work for the unions. neil: having said that, i know the feeling of giving detroit money. a number o
detroit is debated. we will have that next. neil: maybe detroit resident should all start speaking another language. because colombia is getting all kinds of federal aid. but maybe colombia seems to pay off their investment. at this point the motor city neville well. we have two guests with us and rich and lives nde. >> what is really horrible is how it had a higher murder rate than colombia. detroit is spending less money than colombia. colombia is a national security issue. even with...
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[laughter] neil: when we come back, colombia gets the dell a detroit does not. detroit does not. detroit is [ male announcer ] these days, a small business can save by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, unlimited talk and text on smart phones. now, everyone's in the spirit of sharing. hey, can i borrow your boat this weekend? no. [ male announcer ] share more. save more. at&t mobile share for business. ♪ at&t mobile share for business. a quarter million tweeters musicare tweeting.eamed. and 900 million dollars are changing hands online. that's why the internet needs a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp mnshot. and it's giving the internet the room it needs to grow. this ...is going to be big. it's time to build a better enterprise.
[laughter] neil: when we come back, colombia gets the dell a detroit does not. detroit does not. detroit is [ male announcer ] these days, a small business can save by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan,...
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dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car costss$28,000. that is good but if people are stuck in loans that are so long that the car's worth less than they owe that is a problem. dagen: one last thing. how do people in default if the elected a bankruptcy filing? talking about how great car sales are but how are the folks doing? >> it is a mixed picture. there is nervousness, there is a feeling that a lot of this had to happen, it was inevitable and the future is better but how we get from here to the future is an uncharted road. dagen: thanks for being here, you're welcome back anytime, taught cars all
dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car...
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land in detroit right now is cheap. you can buy a house there if you want, but no one wants to right w. all right. so go elsewhere. >> all right. is part of the solution credit? >> i thought that was how we developed alaska, incentivizing people out there. but the government's had a role of developing this country. the private sector is strong enough now to hale the for profit housing market. there is a way to make money from a lot. there's all of these funds that are buying dilapidated properties. however, when you have a situation that's uneconomic where there is no free market solution, that's when it becomes the role of government. when you've got a house that's dilapidated, it's not going to go away if it's worth nothing like in detroit, for example. otherwise it's like a manmade disaster like a dust bowl. we have to fix up our own mistakes we made. >> okay. john, you've heard it all. >> frannie and freddie are going away, why aren't you celebrating? >> i was just in france, and, believe me, they like texan wearing
land in detroit right now is cheap. you can buy a house there if you want, but no one wants to right w. all right. so go elsewhere. >> all right. is part of the solution credit? >> i thought that was how we developed alaska, incentivizing people out there. but the government's had a role of developing this country. the private sector is strong enough now to hale the for profit housing market. there is a way to make money from a lot. there's all of these funds that are buying...
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. ♪ ♪ >> david: well, first detroit goes bust. will new york and chicago be next? the mayors of those two cities warning that their public pension costs are growing totally out of control, which is really what did in detroit. and many other cities are facing the same time bomb. is this proof it's time to scrap public pensions before they all go bust? hi, everybody. i'm dad asman. welcome to "forbes on fox." let's go in focus wi steve forbes, john candy, rich carlguard, elizabeth mc donald. should we scrap the public pensions? >> yes. get rid of them. what is public service? a sacrifice. it's supposed to be a short-term sacrifice before you go to the private sector to produce real economic growth. the problem now with high government pay and the big pension plans is we're creating life long government workers that are a burden on the people working in the real economy. if you get rid of them, they have incentive to get in the real world and cities will no longer have pension problems. >> david: well, rick, and the pension problems are just enmous. new york city, jus
. ♪ ♪ >> david: well, first detroit goes bust. will new york and chicago be next? the mayors of those two cities warning that their public pension costs are growing totally out of control, which is really what did in detroit. and many other cities are facing the same time bomb. is this proof it's time to scrap public pensions before they all go bust? hi, everybody. i'm dad asman. welcome to "forbes on fox." let's go in focus wi steve forbes, john candy, rich carlguard,...
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. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often in front of the press corps. there is a lot to talk about before he goes on vacation from terror to immigration reform and oh, yeah, the debt ceiling. chief political correspondent byron york will be us to talk about the interview. tracy: as we go out to break look at winners and losers on the nasdaq. we'll be right back. if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spirivis a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. y
. >> they're committed to seeing detroit do better. we'll talk about that we'll talk about the housing market. what is the future of loans right now. ashley: yay. >> where are we going with that. ashley: very good. tracy: good stuff. >> it will be a lot of fun. tracy: don't miss "the willis report" tonight 6:00 and 9:00 p.m. eastern right here on fox business. ashley: president obama set to give a news conference in about half an hour. he doesn't do these very often...
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. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves rich. john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we
. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves...
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i look at detroit. detroit has highest tax rate and regulations than any other city in michigan, any other citizen. it has the worst public services. what it tells me more government is not the solution to this. you have to get government out of the way, and lower taxes. they hired bad mayors a lot of whom are in jail. they raised taxes and regulations. is there a message there? other cities and states that did differently like texas for example, are doing pretty well. >> we did exactly that. we pulled government out of the film. it doesn't talk about politics. we connect to the consumer. we can argue about who we want in office or who we want next. david: we don't want crooks in office and there is no argument there. that's what detroit had. >> no doubt. david: any politician, i will go to you, any politician who promises stuff they can't deliver, who problem is contracts to public sector unions, there is no possibility of being able to really follow through on, should be in jail as far as i'm concerne
i look at detroit. detroit has highest tax rate and regulations than any other city in michigan, any other citizen. it has the worst public services. what it tells me more government is not the solution to this. you have to get government out of the way, and lower taxes. they hired bad mayors a lot of whom are in jail. they raised taxes and regulations. is there a message there? other cities and states that did differently like texas for example, are doing pretty well. >> we did exactly...
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we will not watching out for you. ♪ ♪ >> david: well, first detroit goes bust. will new york and chicago be next? the mayors of those two cities warning that their public pension costs are growing totally out of control, which is really what did in detroit. and many other cities are facing the same time bomb. is this proof it's time to scrap public pensions before they all go bust? hi, everybody. i'm dad asman. welcome to "forbes on fox." let's go in focus wi steve forbes, john candy, rich carlguard, elizabeth mc donald. should we scrap the public pensions? >> yes. get rid of them. what is public service? a sacrifice. it's supposed to be a short-term sacrifice before you go to the private
we will not watching out for you. ♪ ♪ >> david: well, first detroit goes bust. will new york and chicago be next? the mayors of those two cities warning that their public pension costs are growing totally out of control, which is really what did in detroit. and many other cities are facing the same time bomb. is this proof it's time to scrap public pensions before they all go bust? hi, everybody. i'm dad asman. welcome to "forbes on fox." let's go in focus wi steve forbes,...
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john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we d
john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we d
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we just opened a store in detroit. a regional store in new york and tribeca, and business is off the chart. liz: if you were to be talking to business leaders at a meeting, what would you say to convince them to do business in detroit? what of the positives? >> the committee is very interested in moving forward. the path is the past. everyone in the business community is set on moving forward and making this a better place to be. we found everyone to be wildly helpful and really helpful in our success. ashley: what about the tax point of view. part of the problem was the taxes went up to try and pay for more services. when they left, when half the town left that tax revenue went down. so from a tax point of view or incentives, what can detered offer companies that other states are now offering, such as wisconsin and indiana that a cherry picking companies as we speak from detroit? how do you stop that process? >> it is hard for me to comment because our business model was not predicated on receiving tax benefits. ashle
we just opened a store in detroit. a regional store in new york and tribeca, and business is off the chart. liz: if you were to be talking to business leaders at a meeting, what would you say to convince them to do business in detroit? what of the positives? >> the committee is very interested in moving forward. the path is the past. everyone in the business community is set on moving forward and making this a better place to be. we found everyone to be wildly helpful and really helpful...
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>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black population, a white guy, a write-in won, a guy who turned around eight hospitals, mike dougin won in a city of 80% african-american people. why is that not big news? that, you know, somebody because of the fiscal abilities was elected by the people of detroit, so to just say go back to the old, oh, a check missing in the drawer. >> in reality, though, to talk about fixing anything, i don't care what it is, an alcoholic or whatever it is, first and foremost, admit you have a problem. i think you, to a certain problem did that by electing someone that may be the city might not have elected before. this i
>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black...
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gerri: i have to ask you about detroit your city -- company is fond of the city you have a bright sny new ildings so whatoes detroit we do to make it out of the nkruptcy >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. private investment is that the all-time high. that is certainly difficult but it is long overdue that this happened so we have to address the problems of this city in the bankruptcy is difficult but it is giving us the opportunity to deal th legacy issues to come out the other side. we have to get through the bankruptcy process and that will take time but as we look at this we're bullish on the straight that they have great balance and great infrastructure to have our renaissance like it deserves gerri: great's formation we appreciate you comin on. , back. >> my pleasure. i am happy to come back. gerri: a lot still to come how to turn your part-time job into full-time and the they are sending your kid to college but what about loans for day care? i am not kidding. we will talk abo
gerri: i have to ask you about detroit your city -- company is fond of the city you have a bright sny new ildings so whatoes detroit we do to make it out of the nkruptcy >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. private investment is that the all-time high. that is certainly difficult but it is long overdue that this happened so we have to address the problems of this city in the bankruptcy...
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detroit, you got company, and unions, i think you have trouble. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall clnt experience." 72 who says that detroit should have all of bankruptcy fun. neil: san bernardino, california, not far behind, city wants to crackdown on union benefits now way out of line, so out of line that city fears without the filing it will be finished, michelle fieldses said better to cramp down on unions now for their own sake as well as taxpayers sake. stuart acuff disagrees and said that the workers were promised their pensions, michelle, you think they have to do this now. >> any decision that takes power away from the union is a good decision, san bernardino was originally i middle class nice area, has turned into tons of foreclosures, and tons of poverty, the reason has to do
detroit, you got company, and unions, i think you have trouble. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall clnt experience." 72 who says that detroit should have all of bankruptcy fun. neil: san bernardino, california, not far...
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Aug 15, 2013
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new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care cost contributing to the financial ruins threaten the economic stability. most new york city employees and retirees pay nothing for $6.3 billion in annual health insurance. workers pay little for pension that have taxpayers on the hook for $8 billion this year. spiegel in your city has 10,000 police officers retired were for under 40 and clayton pensions and they will collect the pensions for the rest of their lives. >> expired at least three years ago, the next mayor will be under pressure to win concessions. >> the unions have tried to wait it out. putti
new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care...
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Aug 19, 2013
08/13
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they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the issue. so many others have been thrown up their. those cities would not act, with day, jason, until it is clear that detroit can do this. >> that is why it is so important here. they are saying that this violates the constitution. you cannot reduce benefits for retirees. that violates the state constitution. what some of us are hoping is these contracts can be renegotiated. if they get away with protecting retiree benefits through this chapter nine filing, what you will see is other cities using chapter nine. we do not want it to happen. that
they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the...
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Aug 15, 2013
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cheryl: and could new york be the next detroit? wow. michael bloomberg, he's raising red flags about the big apple's fiscal health. how concerned should investors be? you like those new york bonds, don't you? ♪ ♪ she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical h
cheryl: and could new york be the next detroit? wow. michael bloomberg, he's raising red flags about the big apple's fiscal health. how concerned should investors be? you like those new york bonds, don't you? ♪ ♪ she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be...
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Aug 20, 2013
08/13
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let the battle begin in detroit. unions are challenging the motor city's bankruptcy filing and cash-strapped cities around the country you can bet are paying close attention. that's next. nicole: we have to check currencies. here is how the u.s. dollar is moving at the moment. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. why let erectile dysfunction get in your way? talk to your doctor about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pai it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immedi
let the battle begin in detroit. unions are challenging the motor city's bankruptcy filing and cash-strapped cities around the country you can bet are paying close attention. that's next. nicole: we have to check currencies. here is how the u.s. dollar is moving at the moment. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less...
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detroit needs help. neil: you don't top go there, i got it -- you don't want to go there i got it. >> i can do it from here. neil: mel car karmazin, a pleas, we know you don't do did that often so thank you we appreciate it. >> thank you. neil: that independent thinking short supply my friend, maybe reason why rear in the deep poop we are in, we'll have more. str. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonsho it's time to build a better enterprise. together. neil: we're saying we're due for their dip? >> i'm not suggestions we're due for a dip, i am just suggestions that kumbaya that i'm hear with reference is single housing market will not withstand the test of time. >> people are worried about keeping a job or offending somebody, i should be
detroit needs help. neil: you don't top go there, i got it -- you don't want to go there i got it. >> i can do it from here. neil: mel car karmazin, a pleas, we know you don't do did that often so thank you we appreciate it. >> thank you. neil: that independent thinking short supply my friend, maybe reason why rear in the deep poop we are in, we'll have more. str. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new...
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let detroit go, i'm telling you it will t happen. it will be some sort of a rescue that yo will never melissa: i'm melissa francis and here's what's "money" tonight. the wage gap between ceo's and average workers is huge but should companies have to disclose just how wide it is? it is all about the power o money and steve forbes is here to weigh in. >>> plus san diego's mayor is sued by his own city. the sexual harrassment allegations are growing practically by the hour but can the city actually force him to pay his own legal bills? wait until you hear this one. >>> "who made money today?" they just got one of the world's most controversial billionaires in their corner. stay with us and find out who it is. even when they say it's not it is always about money. melissa: all right, let's start tonight with pure moneyike how much ceos of public companies are making and the drastic difference between that number and what their employees are making. all with this question in mind. is ieven relevant? should it really matter that someone run
let detroit go, i'm telling you it will t happen. it will be some sort of a rescue that yo will never melissa: i'm melissa francis and here's what's "money" tonight. the wage gap between ceo's and average workers is huge but should companies have to disclose just how wide it is? it is all about the power o money and steve forbes is here to weigh in. >>> plus san diego's mayor is sued by his own city. the sexual harrassment allegations are growing practically by the hour but...
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other thing about detroit may be different from chicago and detroit. people were leaving detroit en masse. all the public services were just going downhill too, right, quickly. >> tax base here is in much better shape, david, much better shape in chicago. like any company. if you're still making things people want, people will invest in you. liz: indeed. jeff flock, thank you very much. david: good stuff, jeff. appreciate it. liz: coming up neil cavuto, during cav cav, will have billionaire sam zell coming up. david: maybe he will say something about icahn. meanwhile "money" with melissa francis is next. stay tuned. you make a great team. it's been that way since e day you met. but your erectile dysfunction - itld be a question of blood flow. cialis tadalafil for daily use helps you be ready anime the moment's right. you cabe more confident in your abity to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequentlyr urgently. tell your doctor about all your medical conditions and med
other thing about detroit may be different from chicago and detroit. people were leaving detroit en masse. all the public services were just going downhill too, right, quickly. >> tax base here is in much better shape, david, much better shape in chicago. like any company. if you're still making things people want, people will invest in you. liz: indeed. jeff flock, thank you very much. david: good stuff, jeff. appreciate it. liz: coming up neil cavuto, during cav cav, will have...
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Aug 27, 2013
08/13
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your link with what's next. 72 who says that detroit should have all of bankruptcy fun. neil: san bernardino, california, not far behind, city wants to crackdown on union benefits now way out of line, so out of line that city fears without the filing it will be finished, michelle fieldses said better to cramp down on unions now for their own sake as well as taxpayers sake. stuart acuff disagrees and said that the workers were promised their pensions, michelle, you think they have to do this now. >> any decision that takes power away from the union is a good decision, san bernardino was originally i middle class nice area, has turned into tons of foreclosures, and tons of poverty, the reason has to do with unions they got involved in the city council elections they put tons of money to ensure that union-backed piticians got elected and made sure that public sector unions got overly generous with salaries and benefits. neil: you don't think there was a lot of hapless oppositions and the left and right, some of whom never supported by union known who was just clueless? >> t
your link with what's next. 72 who says that detroit should have all of bankruptcy fun. neil: san bernardino, california, not far behind, city wants to crackdown on union benefits now way out of line, so out of line that city fears without the filing it will be finished, michelle fieldses said better to cramp down on unions now for their own sake as well as taxpayers sake. stuart acuff disagrees and said that the workers were promised their pensions, michelle, you think they have to do this...
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ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male announcer ] how do you get your bounce? [ woman ] can't regret fresh. tracy: that time of day charles payne looking a oil in new guinea? >> papua, new guinea. this one is a little bit tough. everyone loves the oil and gas story, particularly natural gas. we love it. tracy: yeah. >> we understand it. papua, new guinea? tracy: a fair amount of people would have to leak on a map to figure out where new guinea is. ashley: to start. >> from a political point of view they have had issues. late last year they put the former prime minister on the board
ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male...
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detroit needs help. neil: you don't top go there, i got it -- you don't want to go ere i got it. >> i can do it from here. neil: mel car karmazin, a pleas, we know you don't do did that often so thank you we appreciate it. >> thank you. neil: that independent thinking short supply my friend, maybe reason whyear in the deep poop we are in, we'll have more. [ heart beating, monitor beeping ] woman: what doou mean, homeowners insurance doesn't cover floods? [ heart rate increases ] man: a few inches of water caused all this? [ heart rate increases ] woman #2: but i don't even live near the water. what you don't know about flood insurance may shock you -- including the fact that a preferred risk policy starts as low as $129 a year. for an agent, call the number that appears on your seen. neil: we're saying we're due for their dip? >> i'm not suggestions we're due for a dip, i am just suggestions that kumbaya that i'm hear with reference is single housing market will not withstand the test of time. >> people
detroit needs help. neil: you don't top go there, i got it -- you don't want to go ere i got it. >> i can do it from here. neil: mel car karmazin, a pleas, we know you don't do did that often so thank you we appreciate it. >> thank you. neil: that independent thinking short supply my friend, maybe reason whyear in the deep poop we are in, we'll have more. [ heart beating, monitor beeping ] woman: what doou mean, homeowners insurance doesn't cover floods? [ heart rate increases ]...
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it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions, what we haven't talked about are the health benefits owed to government workers. i think the american people, the viewers think of themselves we are and are breaking point with property taxes and we won't pay for necessities have to merge with each of the. we are seeing that in california where cities are merging to take care of the cost of urban sprawl which is too expensive and doesn't work. >> these costs of course are not going away no matter how you restructure its things and you're absolutely right. when it comes to health care costs the unfunded liability f
it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions,...
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we should compare chicago of today to detroit of today, we should prepare chicago today to detroit of 20, 30 years ago and this is the fulcrum point for this mayor. is he going to take on the public employee unions, nine out of ten city workers are unionized? his political power comes from the unionized work force. the trick the mayor is, how does he take down his political face and cut expenditures and 78% of the budget spending. >> right, i want your judgment because he's got to get, i mean, serious concessions from those unions. he just got to do it otherwise, they're -- i mean, they really are in deep trouble. so, my question. >> right. stuart: can he do it? could he get the concessions from his own base and get them to give back a ton of money? can he do it? >> i think he can get some of it. he's going to try to convince the union leaders and rank and file that they have to take a hair cut and never get enough money from the state of illinois, from the country and the federal government is also broke and there's just no money and no appetite for a bailout of chicago let alone det
we should compare chicago of today to detroit of today, we should prepare chicago today to detroit of 20, 30 years ago and this is the fulcrum point for this mayor. is he going to take on the public employee unions, nine out of ten city workers are unionized? his political power comes from the unionized work force. the trick the mayor is, how does he take down his political face and cut expenditures and 78% of the budget spending. >> right, i want your judgment because he's got to get, i...
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Aug 19, 2013
08/13
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. >> most investors in the market viewed detroit as a 1-off. very unique circumstances. to your point there will be a likely protracted debate or legal battle about what they have to pay back the law will end up happening see the general obligation bondholders. at think if you look at the market more generally that news has weighed on the market along with higher interest rates. they have not done very well of recent fight. they may be challenged over the next couple of weeks due to seasonal. september is never a good month historically. coming out of that we feel like investors will come back. it is a place where you can still get yield. you generally have high quality investment. it still plays a very strong role in the muslim portfolio. ashley: an investor who is looking for yield that does not want that exposed to much risks to the increasing interest rates, what is my best ploy? >> it depends upon how you think about fixed-income in your portfolio. we have a lot of investors who have felt traditional, cork, fixed-income portfolios and thin
. >> most investors in the market viewed detroit as a 1-off. very unique circumstances. to your point there will be a likely protracted debate or legal battle about what they have to pay back the law will end up happening see the general obligation bondholders. at think if you look at the market more generally that news has weighed on the market along with higher interest rates. they have not done very well of recent fight. they may be challenged over the next couple of weeks due to...
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it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking the market little bit but not a whole lot. the stock index trading bejg me still sitting at all-time highs. wwe're thinking but when is bernanke going to be talking about it. that is when the market will really get spooked and lose a lot of ground. stuart: thank you very much, indeed, out there in chicago. the opening bell is ringing. we expect the (to be lower, and it is. this will be a slow trading session, a thin market, thinly traded, but expecting 30 points down in the first few minutes. i want to know about priceline. the stock has been up by about a half this year. had
it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking...
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Aug 29, 2013
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workers hungry for more pay, walking out of their jobs forcing the closure of at least one mcdonald's in detroit, protests took place in 1 14 many cities -- in many cities demanding pays to $15 an hour. my next guest said that conflict in syria creates a unfriendly environment for the markets despite some up lifting economic news today, welcome steven whiting. syria, a new worry that many investors are not app days pay theeing, how does it affect the market. >> it added to a range of concern, tapering issue by fed goes on and on. the general troubel that has been in emerging markets, trouble to get savings flows they had in past decade, a lot of turmoil in the currency markets. lori: why is that important? many are hitting multiyear lows right now? >> this is a big trend change, in last decade dollar fell in 8 out of 10 years through 2011, and domestic investors tried to move their money overseas are international investors tried to leave dollar-based assets but the dollar got cheap, a lot of things like pick up in crude oil supplies from united states, making effect of syria and other disruptio
workers hungry for more pay, walking out of their jobs forcing the closure of at least one mcdonald's in detroit, protests took place in 1 14 many cities -- in many cities demanding pays to $15 an hour. my next guest said that conflict in syria creates a unfriendly environment for the markets despite some up lifting economic news today, welcome steven whiting. syria, a new worry that many investors are not app days pay theeing, how does it affect the market. >> it added to a range of...
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Aug 30, 2013
08/13
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and bankrupt detroit's mcdonald closed. what, have you got anything to say about this $15 an hour fast food wage? >> this is unbelievable, stuart. it's so easy for the unions and politicians to go after multi-billion dollar corporations, these ceo's, who this has nothing to do with mcdonald's. they don't control the franchise wage scale. so you have mom and pop stores that are affected by this. less than 5% of fast food workers are affected by minimum wage. the average minimum wage worker in the united states, the family brings in $53,000 a year, and this is a grab and they're trying to get it through the minimum wage argument. stuart: relax, john, you've got the beach behind you and you'll be there i'm sure. >> yes, sir. stuart: he's in bermuda. great weekend to you. the top of the hour we've got the man who wrote the book on unions. and does he think this administration is going to cave to the recent union demands for obama care changes? he's coming up, top of the hour. a big question on obama care. two people on this sho
and bankrupt detroit's mcdonald closed. what, have you got anything to say about this $15 an hour fast food wage? >> this is unbelievable, stuart. it's so easy for the unions and politicians to go after multi-billion dollar corporations, these ceo's, who this has nothing to do with mcdonald's. they don't control the franchise wage scale. so you have mom and pop stores that are affected by this. less than 5% of fast food workers are affected by minimum wage. the average minimum wage worker...
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Aug 29, 2013
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john: detroit. happened in detroit. will happen to you? john: in new york. stuart: thanks very much. walmart, a big importer, put china's economy on the map back in the 80s and 90s. now walmart will make more products in america and sell them. that is next. [ male announcer ] how do you get your boce? i'm, like, totally not down with change. but i had to change to bounce dryer bars. one bar freshens more loads than these two bottles. i am so gonna tell everyone. [ male announcer ] how do you get your bounce? [ woman ] time for change! stuart: walmart is a huge importer from china, now is going to sound more made in america products. liz macdonald is here. is this a new policy? liz: this is a big push by walmart under attack by the labor movement and a lot of their workers have been found to be on welfare so the push is getting more american made products in their stores and that will create jobs for the united states. that sustained pushes a big pr push for walmarth governors and executives and manufacturers in the u.s.. stuart: price is their big deal. can
john: detroit. happened in detroit. will happen to you? john: in new york. stuart: thanks very much. walmart, a big importer, put china's economy on the map back in the 80s and 90s. now walmart will make more products in america and sell them. that is next. [ male announcer ] how do you get your boce? i'm, like, totally not down with change. but i had to change to bounce dryer bars. one bar freshens more loads than these two bottles. i am so gonna tell everyone. [ male announcer ] how do you...
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Aug 30, 2013
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connell: good report on what is happening in detroit. another concussion reported in last night's preseason football action so we will talk about this because it is a big money store look at the settlement between the league and i players announced not even 24 hours old, some criticism as well. we will be right back. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture miles for this trip. purchase eraser? it's the easy way to erase any recent travel expense. i just pick a charge, like my flight with a few taps, it's taken care of. impressive baldwin. does it work for hotels? absolutely thank goodness. mrs. villain and i are planning our... you scare me. and i like it. let's go what's in your wallet? and this park is the inside of your body. see, the special psyllium fir in metamucil actually gels to trap some carbs to help maintain healthy blood sugar levels. metamucil. 3 amazing benefits in 1 super fiber. connell: from the nfl, 45
connell: good report on what is happening in detroit. another concussion reported in last night's preseason football action so we will talk about this because it is a big money store look at the settlement between the league and i players announced not even 24 hours old, some criticism as well. we will be right back. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture miles for this trip....
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Aug 28, 2013
08/13
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they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are evaporating slightly. lauren simonetti joins us from the floor of the stock exchange. you're watching a couple big movers on the session. >> on earnings, we have a winner and loser. let's start with teach very. that's a winner. shares are up 5% the company announced its highest net revenue and profit in the company's history. investors encouraged by that. additionally, several settlements of companies like cisco and motorola means teach very has more -- teach very has more cash to invest in research and marketing. overall
they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are...
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Aug 13, 2013
08/13
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louis, pittsburgh, chicago, detroit. when you tax people''s income, they pick up and leave. >> that's the argument made a lot in this. i guess the left, and i hear president obama say this or hint at it, if taxes are everywhere, it's only a trickle of people that leave. it's one thing to leave california and move to texas, if we tax them all the same, it doesn't matter. >> the left doesn't acknowledge the fact that people move and take their homes and their families away from high tax situations. >> is there a tax level you renounced your u.s. citizenship? >> up to, i think, 60% is ridiculous. >> 50 now? new york city, i mean, just about everyone. >> in the chamber of dc, facts don't get in about the debate. >> i like to believe i would stand and fight, but we talk about 80%, i would stand and fight. thank you, we had fun. dagen, over to you now. >> thank you so much, charles. no way, says the doj. justice department filawsuit tof u.s. airways and america. the stocks selling off. bill off the board, and at jcp erks nney,
louis, pittsburgh, chicago, detroit. when you tax people''s income, they pick up and leave. >> that's the argument made a lot in this. i guess the left, and i hear president obama say this or hint at it, if taxes are everywhere, it's only a trickle of people that leave. it's one thing to leave california and move to texas, if we tax them all the same, it doesn't matter. >> the left doesn't acknowledge the fact that people move and take their homes and their families away from high...